Progress Capital Arranges $11,875,000 Acquisition Loan for Jersey City Site
The former site of Elementis Specialties, Inc. located at 400 Claremont Avenue, Jersey City was purchased by 400 Claremont Urban Renewal, LLC for $17 Million. Kathy Anderson of Progress Capital closed the $11,875,000 acquisition and pre-development financing and also arranged for a JV equity partner.
The 2.73 acre site has been the manufacturing facility for the colourants business of Elementis for over 70 years.
“The location of this site at the West Side Avenue Station of the Light Rail is ideal for our planned redevelopment into a residential rental building with parking and retail. Our proposed plans will focus on the key elements driving rentals today which are a safe, trendy building with an overabundance of amenities. Our goal is to create a community,” said Art Johnson, Managing Member of 400 Claremont Urban Renewal.
After completing 265 units at 25 Senate Place, also in Jersey City, this is the partnership’s next venture.
The financing allows the partnership to purchase the property, demolish the existing building, remediate the site and provides funds for predevelopment costs such as architectural, engineering and carry costs. Kathy Anderson will continue to represent the owners as they source construction financing options for the project.
“Having worked with Art and his team for the past 15 years, I look forward to another exciting project at 400 Claremont,” said Anderson.
400 Claremont Urban Renewal was represented by Leo Leyva and his team at Cole Schotz while Gibbons Law represented the lender in the transaction.
Progress Capital is a commercial real estate advisory company serving clients since 1990. With over $40 Billion in closed loans and $150 Million of directly funded bridge loans, we will get you to the closing table… Plain and Simple. #thatsProgress